Zhejiang Jingsheng Mechanical & Electrical (300316) H2 2024 earnings summary

Executive summary

• Revenue reached ¥17.58 billion in 2024, down 2.26% year-over-year; net profit attributable to shareholders was ¥2.51 billion, down 44.93% year-over-year.

• Gross margin for equipment and services improved to 36.36%, while materials gross margin declined to 28.71%.

• Significant non-recurring items included ¥929 million in asset impairment losses, mainly from inventory write-downs and bad debt provisions.

• The company maintained a leading position in semiconductor and photovoltaic equipment, with international expansion and new product launches.

Financial highlights

• Operating cash flow was ¥1.77 billion, down 42.57% year-over-year.

• Total assets at year-end were ¥31.55 billion; net assets attributable to shareholders were ¥16.62 billion.

• R&D investment was ¥1.12 billion, accounting for 6.37% of revenue.

• Major customers accounted for 66.31% of annual sales; top five suppliers accounted for 21.62% of procurement.

• Overseas revenue grew 186.78% year-over-year, while domestic revenue declined 4.99%.

Outlook and guidance

• 2025 strategy focuses on strengthening R&D, expanding market share, accelerating smart manufacturing, and enhancing internal controls.

• The company plans to continue international expansion, promote new materials, and improve risk management.